The role of an attorney in a real estate transaction really depends on the transaction, the client, and a host of other factors. What we think is important is that we talk to the client, communicate with the client, and figure out who’s going to do what.
I’ll give you a few examples of how it depends.
A residential real estate transaction is far different from a commercial real estate transaction. There’s a whole set of issues in a commercial real estate transaction that is different from a residential real estate transaction, and vice-versa. There’s different property types. There’s different types of real estate deals, or real estate transactions. There are multiple players, you know?
Attorneys represent lenders, represent home-builders, represent home sellers, represent construction crews [and] construction companies, represent home-buyers… property investors, real estate developers… leases… I mean there’s a whole… just a big number of different types of transactions and issues.
So what’s important, I think, whether it’s residential or commercial, is to at the outset, have a meeting with an attorney. Talk about the specifics. The attorney needs to raise certain issues and talk to the client about legal issues and legal due diligence, and then figure out who’s going to do what.
What we think is important is that we talk to the client, communicate with the client, and figure out who’s going to do what.
We like to also figure out the appropriate billing arrangement for that because we want to be accessible on a smaller transaction, someone with a lower budget, [to] be able to have representation that’s adequate. And then of course on a bigger transaction, know what our role is going to be versus the client’s.
– Spencer R. Munns is an experienced real estate attorney and shareholder with the law firm of Bogin, Munns, & Munns, a full service law firm with offices in Orlando, Clermont, Kissimmee, Orange City, Daytona Beach, Ocala, Melbourne, Gainesville, and Leesburg, Florida. He welcomes questions and comments regarding the above and can be reached at [email protected]
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